Market Speaks: OPEC sees global oil demand reaching 124 million barrels a day by 2050

The OPEC launched its World Oil Outlook 2026 yesterday. This year's publication anticipates that the world will require far more energy in the decades to come, with global energy demand set to rise by 23% to 2050. In addition, global oil demand is projected to see robust growth, reaching 124 million barrels a day (mb/d) by 2050. The report underlines the importance of pursuing balanced and realistic future energy pathways, recognizing the diverse needs and priorities of countries around the world. It highlights the role of all energies and technologies in meeting future energy demand, the need to expand access to modern energy services for billions of people globally, and the significance of ensuring timely and adequate investments across the energy sector. OPEC Secretary General, HE Haitham Al Ghais has noted that the scale of humanity?s energy needs requires sustained investment today across all energies and technologies. For oil alone, investments of $17.7 trillion from 2026 to 2050 ? or over $700 billion per annum ? are needed to meet demand in the long term.

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